Bitamp Review

What is Bitamp?

Before I delve fully into my Bitamp review, let’s provide an overview of this company. Bitamp is a service that provides a non-custodial wallet, promising strong security, and placing a significant amount of importance on self-sovereignty. This means that users get complete control over their Bitcoin holding and transacting activity. The Bitamp Bitcoin wallet is designed to be the perfect tool for those who care about financial autonomy.

This is a major theme of the blockchain industry, as having control over one’s money is what makes this sector so significant. It is also what makes it so strikingly different from traditional finance, where money is often handled by custodians, such as banks and building societies.

It is important to highlight in this Bitamp review that this project is open-source, meaning that the code behind it can be viewed by anybody, offering transparency. This is highly desirable for Bitcoin enthusiasts, as it helps to build trust. However, unlike some Bitcoin wallets, it can be accessed without any installation required. People can use it on their browsers, or they can use it on their desktops and even phones. This makes it deeply available, even for complete novices.

It is a simple, free, and highly focused project for anybody who shares an interest in Bitcoin. Bitamp is for those who care about their money, and want to keep their BTC safe. The company is working hard to make its wallet the perfect companion for any Bitcoin trader or holder.

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Bitamp Review: PROS

Let’s frame this Bitamp review by looking at the positive elements that draw people to use it.

Non-Custodial Security

The best place to start with my Bitamp review is to cover its strongest feature: it is a non-custodial wallet. People who use the Bitamp wallet are working with a tool that allows for complete financial control and freedom. This separates it from exchange-based wallets, which are custodial in nature.

While some people may enjoy using exchange wallets for their ease, most Bitcoin fans are more inclined to avoid leaving their money in the hands of somebody else. They would rather use a wallet that lets them keep full access to their private keys. In fact, Bitamp upholds the view of “your keys, your Bitcoin”. This simple phrase is extremely powerful– it essentially means that if you do not hold your private keys, then your assets do not truly belong to you, but rather to somebody else (i.e. a custodian).

Of course, when it comes to non-custodial activity, there must always be a focus on security. While having full access to your digital assets is desirable, and arguably the ideological core of this whole industry, it is also inherently a little scary. When you are solely responsible for your money, you must be extra vigilant about how you look after it. Thankfully, Bitamp understands this, and helps you take care by following best practices.

When it comes to examining Bitamp features, it is worth placing emphasis on the security that comes with these wallets. For starters, your wallet and activity are encrypted and decrypted all within your browser, with zero involvement of any servers. All decryption rights are solely in the hands of the user. This means that it all happens on the client side, which is a best practice for non-custodial wallets. It reduces the chance of any interception that could happen from hackers.

Of course, with this in mind, users still need to be careful about how they access their Bitamp Bitcoin wallets, as hackers can sometimes use browser extensions or underhanded tricks to discover private keys. This cannot be stopped entirely by any wallet service, but by ensuring there is no server-side encryption, Bitamp definitely reduces the chances of this.

Not only this, but Bitamp uses the latest technology and best security practices that exist in this sector. The company keeps abreast of developments in the industry, and ensures that their wallet service is using top-notch measures to provide the utmost safety. This helps when addressing the question of “is Bitamp safe?” The answer to this appears to be a resounding yes.

To make it clear within my Bitamp review, this all means that, despite this company allowing people to create Bitcoin wallets, Bitamp themselves do not have access to those wallets. They provide the ability for users to set up wallets, but they do not save, store, or look at anybody’s private keys.

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Open-Source

Being open-source means that Bitamp can build trust with its user base by allowing anybody to take a look at the underlying code and architecture that it uses. It cannot be stressed enough in this Bitamp review just how well-regarded and appreciated this is in the Bitcoin community. It means that people can verify for themselves that Bitamp is a full client-side Bitcoin wallet service, with no server-side activity occurring.

In this sense, you could consider this to be a type of security feature. This is because it helps to prove to the world that it can be trustworthy and that there is nothing to hide architecturally. People are naturally quite apprehensive about using non-custodial wallets that do not allow the public to view the source code, as it creates a situation where people feel like information is being concealed.

Being open-source means that independent programmers can verify its legitimacy whenever they wish, ensuring there is no way that seeds and private keys are being retained, and that transaction details are not stored. Having this level of transparency is a necessity for fostering a strong reputation in the Bitcoin community; it is a huge green flag in this Bitamp review.

Huge Emphasis on Anonmynity

This Bitamp review would be incomplete without discussing its stance on anonymity. The company works hard to promote and uphold this– users can set up a Bitamp wallet without handing over any sensitive data whatsoever. This means there is no need to provide identifying documentation, bank statements, or even your name. Due to Bitamp’s streamlined nature, there is no need for KYC or AML practices. This is great, as many people in this industry are understandably anxious about giving such info away.

In an age where tech corporations have been proven to sell data or use it for underhanded tactics (ranging from distributing targeted ads to influencing democratic elections), it is always appreciated to run into a company that avoids such issues. The world is apprehensive about giving up this type of information, and so it can be refreshing to use a service that circumvents this issue entirely.

This is something that custodial exchange wallets often lack, as they usually require some level of KYC for legal reasons. Bitamp, however, does not have that legal burden because it is essentially just providing a client-side Bitcoin wallet. Its minimalist structure works in its favor for this.

Plus, some people do not have sensitive documents like this to provide, even if requested. Having passports, bank accounts, and permanent residences is taken for granted by some people, but not everybody has these things. These people are often locked out of traditional financial services. However, the blockchain industry has always been about radical inclusivity, and so it is important for services like Bitamp to exist as they grant access to the global Bitcoin network regardless of these elements.

Not only does Bitamp not store or request sensitive data, but it even allows for connectivity to TOR and VPN services. This means that, if you want to use a VPN to access the web, or even a TOR browser, you can still use your wallet. Some web wallets do not include the capability to do this, even non-custodial ones.

In the West, TOR and VPN are not often used, but in nations where internet access is heavily monitored, and where cryptocurrency use is forbidden or restricted, this is a godsend. While it is always important to follow the laws of the country you are in, some locations act against people’s human rights and prevent financial liberty from occurring. In situations like this, some individuals turn to using Bitcoin so that they can support themselves and gain some financial autonomy.

Using TOR and/or VPN is sometimes a necessity for this, as it allows these citizens to conceal their actions from governments or organizations that might penalize them for trying to do so. In this sense, Bitamp is capable of helping users live freely and comfortably. This all helps to reinforce my answer to the question “is Bitamp safe?”

Multiple Login Options

One of the best Bitamp features is that wallets can be accessed in a range of different ways. People can use a seed phrase (in the form of a 12-word seed), a private key, or even a keystore file. The third option here is great to see, as not all non-custodial wallets offer this.

Keystore files are fantastic for individuals who want to bring an extra layer of security to their Bitcoin activity, as they can add passwords to the files via their desktops. This means that even if somebody were to hack them and get their file, they would need the password to actually see it. This can definitely be done with seed phrases and private keys as well, but it is easier to do with a keystore file.

This further emphasizes within my Bitamp review just how important the company views autonomy on the user side. This simple choice to access a wallet via these three methods is great as it ensures that people can operate in any way that suits them best. For beginners, this is perfect, as those who are new to the world of crypto tend to feel most comfortable when they can use the access method that they first learned about when getting a hang of the industry.

Free to Use

When it comes to Bitamp pricing, it must be noted that this company is not trying to sell you anything. This is a completely free wallet, requiring no payment whatsoever. Upon visiting the site, I was pleasantly surprised to find that there is no product at all that costs money to use. In other words, the company is deeply invested in simply providing a service and helping connect people to the global Bitcoin community.

It is necessary to point out that Bitamp has no coin or token of its own, which is great to see, as it means that its developers are all focused on simply perfecting and fine-tuning the wallet itself. In an industry so profit-oriented, it is always positive to see a company that is not trying to sell something.

Not only this, but Bitamp features no ads on their website, either. In fact, according to them, this service exists solely on donations from fans and patrons of the project. This is a huge green flag as it suggests that they have a loyal fanbase of people who genuinely enjoy their wallet service and want to keep funding and supporting the company. Creating loyalty that translates into monetary gain is rare in any field, and is a testament to Bitamp’s success in building a community in the crypto-sphere.

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Bitamp Review: CONS

So far, this Bitamp review has focused on the positives. However, to frame this discussion properly, and provide necessary context, it is important to explore the negatives that also exist here. Let’s take a look at these now.

Lacking in Many Features

It cannot be stressed just how streamlined Bitamp is. This is both a blessing and a curse– in one sense, it is fantastic as it means that the developers have a clear mandate and goal in mind. However, in another sense, it means that Bitamp users need to find other services to support them.

To expand on this, Bitamp does not contain any means of buying Bitcoin with a credit card, selling Bitcoin, trading it in any way, or mining it. In other words, all that Bitamp offers its users is the ability to store and transact Bitcoin. If people want to do something else, they would need to find a service that facilitates these actions.

Bitamp is very upfront about this, and even recommends various other services that could help its users, such as Binance, Coinbase, and Kraken. They even offer a simple guide and overview on how to mine BTC. In other words, Bitamp is highly comfortable with explaining to its user base where they can go, should they want to seek another type of service.

In an age where crypto ecosystems are a huge trend, meaning that there are companies that try to facilitate every possible action within their network, it can be a little shocking to see a company keep itself focused on one thing. To some extent, this places Bitamp in an advantage of sorts; it means that it will avoid falling into the trap of being a jack of all trades and a master of none.

There are a huge amount of crypto ecosystems that offer buying, selling, staking, mining, trading, and even NFT swapping. However, when a company spreads itself across so many avenues, it can leave a lot of room for gaps and faults to arise. It is understandably hard to maintain a network that does so much, and so problems can definitely crop up.

Of course, the major demerit for Bitamp is that its users will need to go elsewhere for their needs. Some people, especially day traders, might be frustrated by this, as they often prefer to keep to one project as it is less time-consuming. However, Bitcoin enthusiasts who prefer to simply hold their BTC might like the minimalist approach.

No Lightning Network Support Yet

Bitamp is a highly capable Bitcoin wallet service, however, there is one type of Bitcoin transaction that it cannot currently work with. The company has not released any Lightning Network support. This means that Lightning Network transactions are not compatible with Bitamp at the moment.

For those who do not know, Lightning Network is an additional layer resting on the Bitcoin blockchain, designed to accelerate transaction speeds and reduce costs. The Lightning Network facilitates micropayments and small transactions quickly, without having to record every single transaction on the main Bitcoin blockchain. This helps reduce the congestion on the main network and lowers the transaction fees, making Bitcoin more scalable and usable for everyday actions.

It is favored by small-scale merchants as it helps make Bitcoin more suited for tiny payments, like it used to be capable of back when it was a new cryptocurrency. Over the years, Bitcoin’s increase in value, and larger numbers of active members have caused some congestion and transaction fee issues. These are partially solved by Lightning Network. 

For this reason, it is hailed as a major milestone in the Bitcoin ecosystem. That being said, there are dissenting voices in the space who believe Lightning Network is not fit for purpose. They argue that the Lightning Network undermines the principle of decentralization, a key feature of Bitcoin. Some critics believe that the network eventually leads to the creation of centralized hubs or nodes that process a majority of transactions, thus reintroducing centralization into a system that was designed to be Peer-to-Peer.

Currently, Bitamp does not support Lightning Network transactions or wallets. For Bitcoin purists, who are repelled by the idea of additional layers being incorporated into the network, this will not be a problem as it will not affect their activities. However, many users who embrace the Lightning network will understandably be disappointed by this.

The good news is that Lightning Network support is currently in development by Bitamp. This means that in the near future, people will be able to use these types of transactions with their Bitamp Bitcoin wallets. It is unclear when this will be fully supported, but it should be happening at some point in the near future.

How to Open a Wallet with Bitamp?

Now that I have explored the pros and cons within this Bitamp review, let’s take a look at how to open a Bitamp Bitcoin wallet. This is a very simple process, which is designed to be highly beginner-friendly.

Step 1: Head over to the Bitamp homepage. Here, you will see an option to “Create Wallet”. The website states that you can set up your own personal BTC wallet and connect yourself to the Bitcoin network. Click on this section.

Step 2: After doing this, you will be brought to a page that gives you two options. You can begin setting up your wallet by using a Bitamp Seed, which generates a 12-word unique seed. Or, you can create a wallet using a private key. I will use a Bitamp seed to create mine.

Step 3: You will be given your unique seed, and asked to confirm your seed in a text box below. You can simply copy the seed and paste it into the box, or you can manually type it out. The interface also gives you the option to save the seed as a keystore file, which you can use to sign into your wallet in the future. Be careful to keep your seed under wraps and hidden from the rest of the world– this is your method of accessing and using your wallet. For the purposes of this tutorial, I am making my seed visible, but you should never do this yourself.

Step 4: After you have entered your seed in the box below, click “I’ve written down my seed, log me in”. After a few moments, Bitamp will generate your wallet, and you will be taken to an account overview.

You can now see your public address, which can be used to receive Bitcoins, as well as your balance. This page will also show your transaction history, once you begin using it. If you are trying to figure out how to send Bitcoin from your Bitamp account, then doing all of this is the start of the process. After that, you would need to add BTC to your Bitamp wallet, which you can do by purchasing it with fiat on a cryptocurrency exchange.

Pros

• Can be managed from mobile device
• Very secure
• Supports more than 5500 cryptocurrencies

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Pros

• Top-tier security
• DeFi app support
• Store over 5500 assets, install up to 100 apps simultaneously

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Pros

• Multiple cryptocurrency support
• Very secure
• SegWit and Bech32 address support

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Conclusions

This Bitamp review has covered a range of topics, answering questions like “is Bitamp safe?”, “what are some Bitamp features?”, “what is Bitamp pricing like?” My overall view of this service is that it is a highly accomplished and streamlined wallet creation tool, which beginners and advanced users would benefit from trying out.

Its simplistic design, lack of pricing, and open-source nature make it perfect for Bitcoin enthusiasts from all walks of life. Not only this, but the fact that Bitamp has worked hard to offer TOR and VPN support is a huge plus, as it means that people from around the globe can access it, even if their internet usage is restricted. This is very much in alignment with the core ideals of the blockchain and cryptocurrency industry.

Of course, that being said, there are some limitations. In one sense, you could say that the Bitamp wallet’s streamlined approach is a double-edged sword– on the one hand, it makes for a minimalist and easy interface. On the other hand, it lacks features like fiat gateways, NFT support, or integration with blockchains other than Bitcoin. However, I believe these are negligible aspects of my Bitamp review, and that they should not detract from its positives.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.